Silver Dollars 1794-1935

The silver dollar was authorized by Congress April 2, 1792. Weight
and fineness were specified at 416 grains and 892.4 fine. The first
issues appeared in 1794 and until 1804 all silver dollars had the
value stamped on the edge: HUNDRED CENTS, ONE DOLLAR OR UNIT. After
a lapse in coinage of the silver dollar during the period 1804 through 1835, in 1836 coins were made with plain edges and the value was
placed on the reverse.

The weight was changed by the law of January 18, 1837 to 412
1/2 grains, fineness .900. The coinage was discontinued by the
Act of February 12, 1873 and reauthorized by the Act of February
28, 1878. The dollar was again discontinued after 1835, and since
then only the copper-nickel pieces first authorized in 1971 have
been coined for circulation.

Origin of the Dollar

The word Dollar evolves from the German Thaler, the same name
given to the first large-sized European silver coin. Designed as
a substitute for the gold Florin, the coin originated in the Tyorl
in 1484. So popular did these large silver coins become during
the 16th century that many other countries struck similar pieces,
giving them names derived from “thaler.” In the Netherlands
the coin was called Rijksdaaler, in Denmark Rigsdaler, in Italy
Itallero, in Poland Tolar, in France Jocandale, in Russia Jefimik.
All these names are abbreviations of “Joachimsthaler.” Until
the discovery of the great silver deposits in Mexican and South
American mines, the mint with the greatest output of large silver
coins was that of Joachimsthal in the Bohemiam Erzgebirge.

The Spanish Dollar, or piece-of-eight, was widely used and familiar
to everyone in the English-American colonies. It was only natural
therefore that the word “dollar” was adopted officially
as the standard monetary unit of the United States by Congress
on July 6, 1785.

FLOWING HAIR TYPE 1794-1795

Varieties listed are those most significant to collectors, but
numerous minor variations may be found because each of the early
dies was individually made. Blanks were weighed before the dollars
were struck and overweight pieces were filed to remove excess silver.
Coins showing old “adjustment marks” may be worth less
than values shown here. Some Flowing Hair type dollars of 1795
were weight-adjusted by inserting a small (8mm) silver plug in the
center of the blank planchet before striking the coin. Values of
variations not listed depend on collector interest and demand.

DRAPED BUST TYPE, SMALL EAGLE REVERSE 1795-1798

HERALDIC EAGLE REVERSE 1798-1804

The two earliest dies of 1798 have five vertical lines in the
stripes in the shield. All dollar dies thereafter have four vertical
lines.

THE 1804 SILVER DOLLAR

1804 First reverse, Original (Childs specimen sold for $4,140,000
in 1999,) 1804 Second reverse, Restrike (Adams specimen sold for
$220,000 in 1989)

The 1804 dollar is one of the most publicized rarities in the
entire series of United States coins. There are specimens known
as originals (first reverse), of which eight are known, and restrikes
(second reverse), of which seven are known.

Numismatists have found that the 1804 “original” dollars
were struck at the mint in the 1834-1835 period, for use in presentation
proof sets. The first known specimen, a proof, was obtained from
a mint officer by Mr. Stickney on May 9, 1873, in exchange for
an “Immune Columbia” piece of gold. Later, in 1859,
the pieces known as restrikes and electrotypes were made at the
mint to supply the needs of collectors who wanted specimens of
these dollars.

Evidence that these pieces were struck during the later period
is based on the fact that the 1804 dollars duffer from issues of
1803 or earlier and conform more closely to those struck after
1836, their edges or borders having beaded segments and raised
rim, not elongated denticles such as found on the earlier dates.

Although the mint records state that 19,750 dollars were coined
in 1804, in no place does it mention that they were dated 1804.
It was the practice in those days to use old dies as long as they
were serviceable with no regard in the annual reports for the dating
of the coins. It is probable that the 1804 total for dollars actually
covered coins that were dated 1803.

GOBRECHT DOLLARS 1836-1839

Suspension of silver dollar coinage was lifted in 1831; however,
not until 1835 were steps taken to resume coinage. Late in that
year Director R.M. Patterson ordered Engraver Christian Gobrecht
to prepare a pair of dies from designs by Thomas Sully and Titian
Peale. The first obverse die bore the seated figure of Liberty
in the obverse with the inscription C. GOBRECHT F. (F. is the abbreviation
for the Latin word Fecit or “made it”) below the base
of the Liberty. On the reverse was a large eagle flying left surrounded
by twenty-six stars and the legend UNITED STATES OF AMERICA ONE
DOLLAR. Criticism nay have forced Gobrecht’s name to moved
to the base of Liberty on a new die and, with this, pieces were
struck in late 1836 on the 1792 standard of 416 grains.

In early 1837 the weight was lowered to 412 1/2 grains and pieces
were struck o the new standard in March, 1837, using the dies of
1836. To distinguish the 1837 coinage from that of 1836, the reverse
die was oriented in “medal” fashion.

Between 1855 and 1870 the Mint produced restrikes to satisfy
collector demand. Mules (mismatched combinations of dies) were
also struck in the demand. Restrikes and mules are seldom seen
in worn condition.

Dollars issued in circulation in 1836, 1837, and 1839 are found
with many different die alignments. The “original” issue
of December 1836 has the normal “coin” alignment with
eagle flying upward. These coins were usually made on heavy weight
(416 grain) planchets. The special issue of 1837 (made from dies
dated 1836) is different than the 1836 issue in that the dies are
oriented in a “medal” alignment. Those coins were made
from either heavy or light planchets because the change in standards
that occurred in 1837, and because some of the coins minted in
1837 used planchets held over from the previous year.

Restrikes incorporated both “medal” and “coin” turns,
and use the same die combinations as originals, but with the eagle
flying level when rotated. Mules with wrong edge or die combinations
also exist and are all rare.

LIBERTY SEATED TYPE—HARALDIC EAGLE 1840-1873

Starting in 1840 silver dollars were issued for general circulation,
but by spring 1853 the silver content of such pieces was worth
more than the face value, and later issues were not seen in circulation
but were used mainly in export trade. This situation continued
through the late 1860s. The seated figure of Liberty device was
adopted for the obverse, but the flying eagle design was rejected
in favor of the more familiar form with olive branch and arrows
used for the other silver denominations.

The 1866 proof quarter, half and dollar without motto are not
mentioned in the Director’s Report, and were not issued for
circulation.

TRADE DOLLARS 1873-1885

This coin was issued for circulation in the Orient to compete
with dollar-size coins of other countries. It weighed 420 grains
compared to 412 1/2 grains, the weight of the regular silver dollar.

Many of the pieces that circulated in the Orient were counterstamped
with Oriental characters, known as “chop marks”. These
are generally valued lower than normal pieces. When first coined
they were legal tender in the United States to the extent of $5.00,
but with the decline in price of silver bullion Congress repealed
the legal tender provision in 1876 and authorized the Treasury
to limit coinage to export demand. In 1887 a law was passed authorizing
the Treasury to redeem, for six months, all Trade dollars that
were mutilated.

The Trade dollars of 1884 and 1885 were unknown to collectors
generally until 1908. None is listed in the Director’s Report
and numismatists believe that they are not a part of regular mint
issue. After 1878, strikings were specimen proofs only.

MORGAN TYPE 1878-1921

The coinage law of 1873 made no provision for the standard silver
dollar. During the lapse in coinage of this denomination the gold
dollar became the unit coin, and the trade dollar was used for
our commercial transactions with the Orient.

Resumption of coinage of the silver dollar was authorized by
the Act of February 28, 1878, known as the Bland-Allison Act. The
weight (412 1/2 grains) and fineness (.900) were to conform with
the Act of January 18, 1837.

George T. Morgan, formerly a pupil of Wyon in the Royal Mint
of London, designed the new dollar. His initial M is found at the
truncation of the neck, at the last tress. It also appears on the
reverse on the left-handed loop of the ribbon.

Coinage of the silver dollar was suspended after 1904 when the
bullion supply became exhausted. Under provisions of the Pittman
Act of 1918, 270,232,722 silver dollars were melted and later,
in 1921, coinage of the silver dollar was resumed. The Morgan design,
with some slight refinements, was employed until the new Peace
design was adopted later in that year.

Sharply struck, “proof-like” coins have a highly
reflective surface and are very scarce, usually commanding substantial
premiums.

PEACE TYPE 1921-1935

The dollar issued from 1921 to 1935 was a commemorative peace
coin, which might easily have been a half dollar. The Peace Dollar,
in fact, was issued without congressional sanction, under the terms
of the Pittman Act, which referred to the bullion and in no way
affected the design.

Anthony De Francisco, a medalist, designed this dollar. His monogram
is located in the field of the coin under the neck of Liberty.

The new Peace Dollar was placed in circulation January 3, 1922.
1,006,473 pieces were struck in December, 1921.

The high relief of the 1921 design was found impractical for
coinage and was slightly modified in 1922 after 35,401 coins of
that date were made and melted at the mint. The rare matte and
satin finish proof specimens of 1922 are of both the high relief
style of 1921, as wells as of the normal relief.

Legislation date August 3, 1964 authorized the coinage of 45
million silver dollars, and 316,076 dollars of the Peace design
dated 1964 were struck at the Denver Mint in 1965. Plans for completing
this coinage were subsequently abandoned and all of these coins
were melted. None were preserved or released for circulation.